PNE AG reported its highest total operating revenue in company history at €376.4 million for the 2025 financial year, despite facing a challenging market environment characterized by low wind levels and changing international conditions. The German renewable energy developer achieved EBITDA before special effects of €87.0 million, within its original guidance range, while operating profit reached €12.9 million. The company's performance demonstrates resilience in the renewable energy sector amid rising interest rates, falling electricity prices, and increased material costs.
CEO Heiko Wuttke noted that the company completed sales totaling 428 megawatts across Germany and international markets during its 30th anniversary year, while expanding its own generation portfolio to 497 MW. The company also received permits for 29 wind energy and photovoltaic projects with total output of approximately 1,082 MW, creating what Wuttke described as "a promising basis for further success." The complete financial report for 2025 is available at https://www.pnegroup.com/fileadmin/user_upload/Finanzberichte_ENG/2025/PNE_Geschaeftsbericht_2025_Englisch_gesch.pdf.
Significantly, PNE streamlined its project pipeline in response to changed market conditions in Canada, Spain, and Romania, removing projects with low probability of realization and profitability. Following this adjustment, the company's wind energy onshore pipeline now comprises projects with total output of 14.6 GW, while the photovoltaic pipeline stands at 7.2 GWp. The overall project pipeline amounts to approximately 23.8 GW, including early exploration phases and 2.0 GW of wind energy offshore in Vietnam, whose feasibility will be reviewed in early 2026.
The company's services segment showed growth across its entire portfolio in 2025, with operations management expanding by 250 MW. PNE marked a strategic entry into the battery energy storage system market by securing its first operations management contract for a German BESS park project with output exceeding 100 MW. Overall, the PNE Group now manages wind farms with nominal output exceeding 3.1 GW, overseeing nearly 1,000 individual plants.
To address ongoing market challenges, PNE launched a cost and efficiency program called "Focus & Deliver" in 2025. The initiative aims to optimize internal organization through more efficient structures and processes while strengthening economic performance, profitability, and liquidity. Wuttke explained that the program includes personnel measures already implemented and represents part of creating "a lean, flexible and agile PNE that focuses on its core competencies." The company has exited or will exit markets that fail to meet return expectations.
Looking forward, PNE will adopt normalized EBITDA as its key financial metric beginning with the 2026 financial year, adjusting for one-off, non-operating effects to improve transparency and comparability. The company anticipates EBITDA between €90 million and €120 million for 2026, with normalized EBITDA expected to reach €110 million to €140 million. The Board of Management and Supervisory Board have proposed a dividend of €0.04 per share for the 2025 financial year.
